Auto Insurance
Coverage for your vehicle for damage caused by impact with another vehicle or object or overturn of your vehicle.
What is Collision Coverage?
The D in DICE
What is the Declarations page?
a type of pro-rata treaty...
What is a quota share or surplus share?
Provision in an insurance policy eliminating coverage for certain risks or limiting coverage
What is an exclusion?
A type of data aggregation... for example, a policy is written in July, but the premium does not show up until August.
What is booked / account data premium.
Provides damage protection from theft, fire, windstorm, hail, flood, falling objects, collision with a bird or animal
What is Comprehensive Coverage?
PCS
Property Claims Services
You have this amount of time to sign a reinsurance contract…
what is the 9 month rule?
A portion of a covered loss that is not paid by the insurer
What is a deductible?
Aggregating data based on this provides the best 'match' of premium and loss.
What is policy year/month?
Provides protect when you are held legally responsible Coverage for Bodily Injury and Property Damage caused by an auto accident
What is Liability Coverage?
LCM
What is a Loss Cost Multiplier?
This article states the layer of reinsurance provided by a contract
What is the retention and limit article
Repeated periods of years of profits followed by years of losses in the insurance industry…
What is the underwriting cycle?
the coverage trigger of a Claims Made policy
what is date of report?
Pays if you are struck by someone who does not have insurance... also will pay if you are a victim in a hit-and-run accident.
What is Uninsured Motorist Coverage?
RAA
What is the Reinsurance association of america?
The Company and the Reinsurer, each at its option, negate any balance or balances, whether on account of premiums or losses or otherwise, due from one party to the other under the terms and conditions of this Contract.
what is an offset article?
Indemnity to an insured... this amount is the full cost of repairing or replacing an item minus depreciation
What is actual cash value?
The culmination of all things data / analysis related feed this, which is filed on March 1st every year.
What is the annual statement?
Pays from your coverage if you are in an accident with another motorist that has lower liability coverage than your coverage.
What is Underinsured Motorist Coverage?
BOP
What is a business owners policy?
A risk does not directly fall into the qualifications of a reinsurance contract, we can submit for this to the reinsurer to be included in the treaty.
What is a special acceptance
A state guarentee fund does not apply to this type of business…
What is non admitted business?
formerly known as ALAE and ULAE ...
What is DCC and A&O